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- American focus: dollar dropped against all its 16 major counterparts
American focus: dollar dropped against all its 16 major counterparts
The dollar fell the most in almost two weeks against the euro amid speculation damage from Atlantic Ocean tropical cyclone Sandy will be less severe than earlier anticipated, damping demand for safer assets. The U.S. currency dropped against all its 16 major counterparts as European shares and U.S. stock futures rallied.
The euro strengthened after a Spanish report showed the economy contracted less in the third quarter than the central bank estimated last week.
The yen rose to a one-week high against the dollar after the BOJ expanded its asset-purchase program by 11 trillion yen to 66 trillion yen at a policy meeting in Tokyo. Fifteen economists forecast the BOJ to add 10 trillion yen to its 55 trillion yen program that buys assets such as government bonds, real estate investment trusts and stock funds. Four saw it increasing purchases by as much as 20 trillion yen.
The pound rose for the first time in three days against the dollar after a report showed an index of U.K. retail sales climbed to a four-month high in October, damping speculation the Bank of England will boost monetary stimulus. The data followed a report last week showing Britain’s GDP expanded 1 percent in the third quarter, as the nation emerged from a double-dip recession.
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